News
Conventional cyber policies giving patchy cover, IUA finds
Coverage of cyber risks in conventional classes of insurance can be variable, meaning cover is not provided for cyber losses in situations where it might be expected, according to a report from the International Underwriting Association.
New CEO and board members for marine cargo insurer NMU
Lloyd’s marine insurer NMU has made a number of changes to its executive board, including a new CEO.
PMI consolidator Chase Templeton reveals first 2016 deals
Private medical insurance broker Chase Templeton has completed its first acquisitions of the year, purchasing Health Equity Solutions and Caledonian Health Solutions.
Malaysian imprisoned in Singapore after cash for crash fraud
Tew Yee Jeng, from Malaysia, has been sentenced to 44 months in a Singapore jail after being involved in a cash for crash scam.
Rate reductions mooted as industry calls on government to follow NI lead on GDL
Pressure is building from the insurance industry on government to introduce graduated driver licensing across the rest of the UK, following the roll out of new laws for young drivers in Northern Ireland.
Big data risk increasing as tech disruptors impact industry
Determining appropriate social media use by insurers is one of the challenges outlined in a report into industry disruptors launched today (15 January) by the Chartered Insurance Institute.
Crawford still waiting on findings of bribery investigation
Loss adjusting giant Crawford & Company is still waiting to hear if it will face any regulatory action over a potential breach of the US Foreign Corrupt Practices Act.
Government unwilling to mandate AEB systems in new cars
Thatcham CEO Peter Shaw claims the government is not prepared to legislate for mandatory autonomous emergency braking systems in new cars, despite broadly supporting the research centre in its call for AEB technology to be fitted as standard.
David Bowie: The insurance industry reflects on the music legend
With the sad passing of music icon David Bowie this week, Post asked a number of insurance industry music fans for their own personal reflection on what the Brixton-born legend meant to them.
Ace completes Chubb deal predicting $650m savings by 2018
Ace has completed its acquisition of Chubb, adopting the Chubb name and commencing trading today (15 January) on the New York Stock Exchange under the symbol CB.
Accelerate seals three year capacity deal with sports specialist JRW
Specialist managing general agent Accelerate Underwriting has agreed a three year deal with Manchester-based sports player JRW Group.
Quiz of the week – 15 January
Test your knowledge of the week's insurance news, with the Post insurance quiz of the week.
Money Supermarket reports 10% drop in Q4 insurance revenue
Aggregator Money Supermarket has reported a 10% fall in insurance revenues for the three months ended 31 December 2015.
Storm Desmond cost insurers £759m, says Perils
Perils, which provides consolidated catastrophe insurance data, has estimated the insured cost of Storm Desmond for properties affected by flooding and wind at £759m.
Strong premium growth expected across Asia, says Swiss Re
Swiss Re is predicting robust growth across Asia for general insurance over 2016 and 2017 despite economic headwinds.
Australia's insured summer disaster bill reaches A$515m
Four catastrophes in Australia this summer have already cost insurers over A$515m (£250m) according to the Insurance Council of Australia.
Gravity of cyber risk stressed as climate change tops risk list
Failure to act on climate change was named the top global risk by the World Economic Forum today (14 January), as a Marsh leader claimed cyber risk is widely underestimated outside the US.
BLM partner Hughes to chair Foil in Scotland
BLM partner Frank Hughes has been appointed chairman of the Forum of Insurance Lawyers in Scotland replacing fellow BLM partner Tony Murray.
Allianz backs Thatcham stance on fitting AEB as standard
Allianz has backed calls by the motor insures’ research facility Thatcham for automated emergency braking technology to be fitted as standard to all new cars sold in the UK.
Motor premiums see largest hike in five years
Motorists were hit with the highest quarterly rate rise in five years for comprehensive car insurance in Q4 which saw prices rise by 7% to an average of £672, according to the latest Confused car insurance price index.
Bomb blasts rock central Jakarta
At least seven people have died after multiple bomb blasts in central Jakarta.
Pressure building on Hong Kong's CORs, says Swiss Re
Clarence Wong, chief economist Asia at Swiss Re, believes the soft market conditions in Hong Kong are "unsustainable".
Clinton criticises Bermuda "reinsurance loophole"
Democratic presidential hopeful Hillary Clinton has criticised tax law loopholes which allow wealth managers to set-up reinsurance companies in Bermuda to reduce tax bills.
End of marine market cycles, suggests Munich Re's Berg
Dieter Berg, executive general manager at Munich Re, believes the traditional marine market cycle might be over as premiums decline in a prolonged soft market.